Mortgage Consultants Need Prayers Too

Ray is sick. If you pray, and I recommend it, pray for him. He prays for you, you know.

Wells’s paternal grandfather died late last week, so he’s out of the office, too. Heck, we could all use your prayers, since it looks like Jeanette is pregnant with #7. Due end of May, we think. Thanks for asking.

Bonds were up strongly today on tame inflation numbers. Quoting from CNBC:

The Producer Price Index report, a closely watched inflation indicator that measures prices at the wholesale level, rose 0.6 percent in August, compared with a 1 percent increase in July. Economists surveyed by Briefing had forecast a 0.7 percent boost in August.
The so-called core PI, which excludes food and energy costs, also came in weaker than expected, indicating that inflationary pressures are in check for now.
Bond investors fear inflation, since it erodes the value of their fixed-income investments.
But many analysts fear that inflation will jump in the aftermath of Katrina, which has driven up energy prices and may push prices on several construction materials higher to meet a jump in housing demand and infrastructure rebuilding needs.

Apparently I am one of many analysts. This would indicate, however, that there are some analysts that do not think that Katrina will increase prices and lead to inflation, and that’s really weighing on my faith in the financial profession. But of course, I lie. I never have had any faith in it. I say this in all charity, being one of the profession myself.

Bonds going up means rates coming down. In this case, coming right back down to where they were yesterday before the market opened. Since the move in the market is slight, I ought to explain again how “rates” move.

On the Docket Tomorrow

We’re going to discuss The Adventures of Robin Hood (1938), look at the market, and quote from a doctor that’s doing incredible things in the Gulf Coast region.

See you then.

Cj

Chris Jones Watch: today I am part of the media group that worked on the Sci-Fi Channel reincarnation of Battlestar Galactica. I can hardly express to you how proud I am to have done this.

Curious about the Chris Jones Watch?